公 司 研 究 [Table_Reportdate] 2024年04月29日 [Table_invest] [巨Tabl化e_N股ewT份itle] （600160）：三代制冷剂价格上 买入（维持） 公 行，公司业绩符合预期且有望持续提升 报告原因：业绩点评 司 简 并有望受益 ——公司简评报告 评 [证Ta券b分le析_A师u thors] 两[table 行_m 报ain] 告标题内容 投资要点 吴骏燕 S0630517120001 wjyan@longone.com.cn ➢ 2024Q1业绩同比大幅提升，环比明显改善。巨化股份发布2023年年报及2024年一季报， 基 证券分析师 公司2023年实现营业收入206.55亿元，同比下降3.88%，实现归母净利润9.44亿元，同比 础 谢建斌 S0630522020001 化 xjb@longone.com.cn 下降60.37%，其中2023Q4营收和归母净利润分别为46.43/1.97亿元；一季度实现营业收 证券分析师 入54.70亿元，同比增加19.52%，环比增加17.82%；实现归母净利润3.10亿元，同比增长 工 张季恺 S0630521110 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.00, up from the previous target of 20.32 [1][2]. Core Views - The company is positioned to benefit from the ongoing recovery in the refrigerant industry, with a notable performance turnaround observed in Q1 2024. The company is a leader in the production of third-generation refrigerants, which are expected to gain from the industry's cyclical upswing [1][2]. - The report highlights an upward revision of the company's EPS forecasts for 2024 and 2025, now projected at 1.12 and 1.31 respectively, compared to previous estimates of 0.82 and 1.02 [1][2]. - The company is expected to enjoy improved profitability due to rising refrigerant prices and a recovery in market demand, with a significant year-on-year revenue growth forecasted for 2024 [1][2]. Summary by Sections Company Overview - The company has faced performance pressure due to overcapacity in 2023 but is now seeing a turning point in Q1 2024, benefiting from the industry's recovery [1][2]. - The company holds significant quotas for third-generation refrigerants, with specific quotas for R32, R134A, R125A, and R143A being 10.78, 7.65, 6.42, and 2.07 million tons respectively [1][2]. Financial Performance - The company's revenue for Q1 2024 is reported at 54.70 billion, with a net profit of 3.10 billion, reflecting a year-on-year increase of 19.52% and 103.34% respectively [1][2]. - The financial summary indicates a projected revenue of 23,494 million for 2024, with a net profit forecast of 3,027 million [6][7]. Valuation Metrics - The report provides a comparison of the company's valuation metrics against peers, with a projected PE ratio of 25.9 for 2024, indicating a favorable valuation relative to the industry average [1][2][7]. - The company's net asset return is projected to be 15.8% for 2024, reflecting strong operational efficiency [6][7].

巨化股份（ [Table_StockNameRptType] 600160） | --- | --- | --- | |-------------------------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of the Conference Call Company and Industry Involved - The conference call pertains to Zhonghua Co., Ltd. and its performance in the industry for the year 2023 and projections for 2024 [1] Core Points and Arguments - The company has reported that all warehouses are currently in a silent state, indicating a potential pause in operations or inventory management [1] Other Important but Possibly Overlooked Content - The call marks the beginning of the reporting process for the company's annual performance and future outlook, suggesting a focus on transparency and communication with stakeholders [1]

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the **smart machine (智能机)** industry and its related sectors, including the **chemical industry** and **air conditioning** market [1][2][3]. Key Points and Arguments 1. **Cash Flow and Price Trends**: In the first quarter, the company updated its cash flow by 310 million due to a narrowing decline in product prices and a simultaneous drop in raw material costs. The overall economic environment is showing signs of recovery, which is expected to lead to a rebound in most industries [2]. 2. **Optimism in Smart Machine Industry**: The company maintains a positive outlook on the smart machine industry, attributing this to the effective digestion of excess capacity due to the implementation of a quota system. This has led to an optimized competitive landscape within the industry [2][3]. 3. **R&D Investment**: The company is increasing its R&D investments to support high-end, intelligent, and green development strategies. It aims to enhance core capabilities, including the quality of both new and traditional products [3]. 4. **Pricing Strategy**: The pricing strategy is based on fair and voluntary agreements with major clients, with adjustments made according to market dynamics. The company emphasizes that pricing can change quarterly or monthly based on market conditions [6]. 5. **Market Demand and Supply Dynamics**: The company notes that the balance between supply and demand is crucial for price stability. If supply quotas remain stable without significant demand growth, prices are likely to stabilize or even exceed previous levels [3][5]. 6. **Air Conditioning Market Dynamics**: The air conditioning market is currently experiencing a significant disparity between demand and supply, with production capacity fully utilized in the first half of the year. However, long-term demand is expected to remain stable [4]. 7. **Chemical Industry Insights**: The chemical industry's price changes are not directly correlated with its economic health; rather, they depend on the balance of supply and demand. Imbalances can lead to price fluctuations [5]. 8. **Inventory Management**: The company highlights that inventory transfer reflects the distribution between manufacturers and distributors rather than consumer behavior. Good consumption can positively impact prices and market balance [6]. 9. **Long-term Market Analysis**: The company advocates for a long-term perspective in market analysis, suggesting that understanding inventory changes over multiple years is essential for predicting price impacts [6][7]. 10. **Future of Refrigerants**: The company anticipates that third-generation refrigerants will eventually exit the market, making quotas increasingly valuable. This adds complexity to future market predictions [3][9]. Additional Important Insights - **Impact of New Energy Vehicles**: The relationship between the growth of new energy vehicles and the market for related products is significant, with increased penetration expected to drive demand [7][8]. - **Market Volatility**: Price volatility is compared to stock market trends, emphasizing the need for logical analysis rather than speculation. Observing supply and demand changes is crucial for making informed predictions [8][9]. - **Regulatory Changes**: The company acknowledges uncertainty regarding future regulatory changes, particularly concerning quota reductions, and suggests a broader national perspective rather than focusing solely on individual companies [9][10]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's strategic outlook and market dynamics.

Summary of Conference Call Company or Industry Involved - The conference call is directed towards professional investors from Open Source Securities [1] Core Points and Arguments - The call emphasizes the importance of understanding market dynamics and trends in the investment landscape [1] - Key financial metrics and performance indicators were discussed, highlighting the company's growth trajectory and market positioning [1] - The management team provided insights into strategic initiatives aimed at enhancing shareholder value and operational efficiency [1] Other Important but Potentially Overlooked Content - The discussion included potential risks associated with market volatility and regulatory changes that could impact future performance [1] - There was a focus on the competitive landscape, with comparisons made to peer companies and their respective market shares [1] - Future outlook and guidance were provided, indicating expected revenue growth and investment in innovation [1]

上 市 公 司 基础化工 2024 年04月 26 日 巨化股份 (600160) 公 司 研 ——制冷剂价格和盈利持续回升，业绩符合预期，氟化工 究 公 开启长周期反转 司 点 评 报告原因：有业绩公布需要点评 增持 投资要点： （维持）  公司发布2024年一季报，业绩符合预期。1Q24公司实现营业收入54.70亿元（yoy+19.5%，QoQ+17.8%）， 归母净利润为3.10亿元（yoy+103.4%，QoQ+57.7%），扣非后归母净利润为2.88亿元（yoy+118.3%， 证 券 QoQ+115.6%），1Q24年单季度销售毛利率同比环比分别上升1.16、0.32pct至14.75%，主要是制冷剂 市场数据： 2024年04月25日 研 产品毛利率上升，业绩符合预期。1Q24销售费用、管理费用、研发费用、财务费用同比分别增减13.62%、 收盘价（元） 21.56 究 一年内最高/最低（元） 24.24/13 10.69%、-13.05%、-319.61%至0.52、1.95、2.15、-0.13亿元。1Q24公司归母净利润同环比均增长的 报 市净率 3.6 主要原因为：1.自2024年1月 ...

证券研究报告 | 2024年04月26日 巨化股份（600160.SH） 买入 引领制冷剂景气复苏，一季度归母净利增长 103% 核心观点 公司研究·财报点评 制冷剂量价齐升、氟精细以量补价，一季度归母净利同比增长103%。公司公布《2024 基础化工·化学制品 年第一季度报告》：受益于制冷剂产品量价齐升及毛利率修复、含氟精细化学 证券分析师：杨林 证券分析师：张玮航 品业务以量补价，2024Q1，公司实现营业收入54.7亿元（同比+19.52%）；归 010-88005379 0755-81981810 母净利润3.1亿元（同比+103.35%）。制冷剂方面，受益于飞源化工并表，公 yanglin6@guosen.com.cn zhangweihang@guosen.com.cn S0980520120002 S0980522010001 司制冷剂产销量总体增长：2024Q1，公司实现制冷剂产量/销量分别13.10、6.70 基础数据 万吨，分别同比+10.97%/+4.56%，均价为23724.97元/吨，同比+17.98%、环比 +10.12%。含氟精细化学品方面，2024Q1均价分别63352.21元 ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2024－16 浙江巨化股份有限公司 2024 年 1-3 月主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江巨化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露（第十三号化工）》有关规定，将公司 2024 年 1-3 月主要经营数据披露如下： | 主要产品 | 产量 | 同比 | 外销量 | 同比 | 营业收入 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 吨 | % | 吨 | % | 万元 | % | | 氟化工原料 | 258592.29 | 7.80 | 78221.52 | -0.37 | 25675.49 | 9.97 | | 致冷剂 | 131038.85 | 10.97 | 67026.38 | 4.56 | 159019.90 | 23.36 | | 含氟聚合物材料 | 29969.64 | 2.36 | 9 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥5,469,669,751.07, representing a year-on-year increase of 19.52%[4] - Net profit attributable to shareholders was ¥310,313,858.05, marking a significant increase of 103.35% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥287,967,192.37, reflecting an increase of 118.26% year-on-year[4] - Basic and diluted earnings per share were both ¥0.115, an increase of 101.75% compared to the same period last year[4] - Operating profit for Q1 2024 was ¥360,621,123.85, up from ¥168,868,502.22 in Q1 2023, representing a growth of 113.3%[23] - Net profit for Q1 2024 was ¥330,162,462.41, compared to ¥143,151,232.93 in Q1 2023, marking an increase of 130.5%[23] - The company reported a significant increase in other income, which rose to ¥24,412,629.58 in Q1 2024 from ¥9,199,135.00 in Q1 2023[23] Cash Flow - The net cash flow from operating activities was ¥464,813,800.01, up by 81.01% from the previous year[4] - The company's cash flow from operating activities for Q1 2024 showed significant improvement, although specific figures were not detailed in the provided content[25] - The net cash outflow from operating activities was $5.76 billion in Q1 2024, up from $5.09 billion in Q1 2023, resulting in a net cash flow from operating activities of $464.81 million, a significant increase from $256.79 million year-over-year[27] - The cash inflow from financing activities was $1.70 billion in Q1 2024, a substantial increase from $90 million in Q1 2023, resulting in a net cash flow from financing activities of $637.20 million, compared to $17.26 million in the prior year[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥26,609,405,711.37, a 13.79% increase from the end of the previous year[5] - Total assets increased to ¥26,609,405,711.37 in Q1 2024 from ¥23,383,806,879.39 in Q1 2023, reflecting a growth of 13.5%[20] - Total liabilities rose to ¥9,031,283,140.19 in Q1 2024, up from ¥7,007,125,175.12 in Q1 2023, indicating a 28.9% increase[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 53,280[9] - The total equity attributable to shareholders increased to ¥16,412,285,795.90 in Q1 2024 from ¥16,074,822,915.65 in Q1 2023, a rise of 2.1%[20] Investments and Acquisitions - The company completed the acquisition of Zibo Feiyuan Chemical Co., Ltd., which has been included in the consolidated financial statements[15] - The company’s goodwill surged to RMB 547,777,650.37 from RMB 16,004,611.13, indicating a substantial increase due to acquisitions[18] Operational Metrics - The increase in net profit was attributed to the rebound in refrigerant product prices and an increase in operating revenue, leading to a higher gross margin[8] - Research and development expenses for Q1 2024 were ¥215,210,004.16, a decrease of 13.0% from ¥247,497,852.55 in Q1 2023[23] Inventory and Receivables - Accounts receivable rose significantly to RMB 1,358,676,585.79 from RMB 920,560,308.29, indicating an increase of approximately 47.7%[18] - Inventory levels increased to RMB 2,557,118,098.97 from RMB 1,764,164,966.99, marking a growth of around 45%[18] - The company reported a significant increase in prepayments to RMB 493,468,046.33 from RMB 113,256,978.07, reflecting a growth of approximately 336.5%[18] Cash and Cash Equivalents - The company's cash and cash equivalents increased to RMB 1,961,306,193.14 from RMB 1,817,695,053.42, reflecting a rise of about 7.9%[17] - The total cash and cash equivalents at the end of Q1 2024 were approximately $1.30 billion, a decrease from $1.60 billion at the end of Q1 2023[28]